Segway Seeks $20 Million

VCs apparently haven’t given up on Segway Inc., a Bedford, N.H.-based maker of two-wheeled, self-balancing vehicles. The company is seeking to raise $20 million through sales of Series C preferred stock, according to a recent regulatory filing with the SEC (and already has $10.2 million secured).

Since 2000, Segway has received approximately $126 million in venture funding, not including the latest round. Backers include Kleiner Perkins, CSFB Private Equity and buyout firm Duff, Ackerman & Goodrich.

What does Segway plan to do with its latest cash infusion? Company officials declined to specify. On its website, the company says it’s continuing to develop model vehicles using dynamic stabilization technology, which is geared to prevent tipping. One of the prototypes the company sees as most promising is Concept Centuar, a four-wheeled transporter for one or two people. Segway says the self-balancing vehicle would be less dangerous than an ATV or motorcycle, in addition to being battery powered and quiet.